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Definition
| Another name for economic resources. |
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| The means through which we produce the things we need and want. |
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| Materials that come from the eather, the water, or air. |
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| The people who work to produce goods and services. |
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| The tools, equipment, and machinery used to produce goods and services. |
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Definition
| The value of the next-best alternatice that you did not choose when making a decision. |
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Definition
| The difference between the total amount of money that flows into a country and the money that flows out of a country for investments, tourism, and nontrade items. |
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| The difference between a country's total exports and total imports of merchandise. |
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Definition
| Stopping the importing or exporting of a certain product or service. |
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Definition
| When a country specializes in the porduction of a good or serice at which it is relatively more efficient. |
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| An incorporated town or city. |
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Definition
| A business that is owned by the members it serves and is managed in their interest. |
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Definition
| A business made up of a number of owners but authorized by law to act as a single person. |
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| The part of the profits of a corporation that each stockholder recieves. |
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Definition
| A written contract granting permission to sell someone else's product or service in a prescribed manner, over a certain period of time, and in a specified area. |
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Definition
| The parent company that grants permission to a person or group to sell its products or services. |
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Definition
| A business owned by one person. |
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Definition
| A unique business organized by two or more other businesses to operate for a limited time and for a specific project. |
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Term
| Limited Liability Company (LLC) |
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Definition
| A special form of business oraganization that combines advantages of a corporation and a partnership. |
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Term
| Limited Liability Partnership (LLP) |
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Definition
| Identifies some investors who cannot lose more than the amount of their investment, but they are not allowed to participate in the daily management of the business. |
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Definition
| The path that brings products to a consumer. |
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Definition
| A business firm that sells directly to the consumer. |
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Definition
| Buys products, sorts and unitizes them and sells them to retailers. |
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Term
| Direct Channel of Distribution |
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Definition
| When a producer sells its products directly to the consumer. |
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